Australia's biggest insurance company QBE Insurance Group yesterday announced that its Group CEO, Mr John Neal, will step down in January after five years in the role.

The Board of Directors has appointed Mr Patrick Regan, CEO of the group's Australian and New Zealand Operations and previously Group CFO, to succeed Mr Neal on 1 January 2018, with a four-month leadership transition. Mr Regan will remain on the Board as an executive director.

QBE Group Chairman, Marty Becker, said: “John has led the business through a significant transformation and a challenging period in the insurance industry globally and has been working closely with the Board to ensure a smooth transition for his succession.”

He added: “The Board has undertaken a detailed succession planning process over the last two years, and has carried out an internal and external candidate review process for this appointment.

Mr Becker said internal and external candidates had been considered before Mr Regan was appointed.

The insurance giant in August announced that its first-half profit had risen by 30% to US$345 million after a strong performance in the Australia and New Zealand unit helped offset a claims blowout in emerging markets.